Understanding Current and Non-Current Liabilities Key Highlights It is important to know the difference between current and non-current liabilities for good financial health. Current liabilities are debts that need to be paid within 12 months. Non-current liabilities are debts that last longer. Properly sorting and handling these liabilities helps with cash flow, investment choices, […]
Explaining Current Assets vs. Non-current Assets Key Highlights Current assets are short-term assets, expected to be converted to cash within a year, while non-current assets are long-term investments held for over a year. Current assets cover daily operational expenses and short-term liabilities, while non-current assets generate long-term revenue and strengthen the company's financial stability. […]
Step-by-Step: How to Prepare a Business Budget Successfully Key Highlights Getting a handle on why having a business budget is important can really help your company do well. It's all about managing your money right and making sure you're ready for any financial ups and downs that come your way. With the right budget, […]
Starting a Business in Australia: 10 Crucial Steps Key Highlights Creating a comprehensive business plan is the first step starting business in Australia, it helps outline your goals financial projections, and opportunity. Choosing the right business structure, such a sole trader, partnership, or company, is crucial and should based on your specific and goals. […]
Navigating Asset Liabilities Owner's Equity for Success Key Highlights The part of a company's assets that belongs to the owner, after taking away what the company owes, is known as owner's equity. By looking at this number, we can tell how financially healthy a business is and show its worth to people who might […]
How to Calculate Net Pay: A Step-by-Step Guide Key Highlights Gross pay refers to an employee's total taxable income for a pay period before any deductions are made. Net pay, on the other hand, reflects the amount the employee will receive after deductions are made. Deductions from gross pay may include income tax, Medicare […]
TPAR Report Guide: Demystifying the Process Key Highlights If your business pays contractors for their work, you'll need to fill out a Taxable Payments Annual Report (TPAR). By doing this, it helps make sure everyone is paying the right amount of tax, stops people from avoiding taxes, and keeps things fair in the tax […]
Streamline Your Month End Closing Process Key Highlights The month-end closing process involves recording, reconciling, and reviewing all transactions and finalising account data for the month. By streamlining your month-end closing process, you can save time improve accuracy, and make more informed business decisions. Key steps to streamline month-end closing process include establishing a […]
How Long to Keep Tax Records in Australia Key Highlights In Australia, it's not just a smart move but also a rule to keep your tax records straight. The Australian Taxation Office (ATO) sets the minimum time you need to hold onto these records. For businesses and individual taxpayers alike, this period is usually […]
